Michigan Compiled Laws 230-1987-4 Chapter 4 (331.1401...331.1415)

• Section 331.1401 Board Of Trustees Or Subsidiary Board; Power To Borrow Money And Issue Notes; Resolution; Applicability Of Revised Municipal Finance Act.
  (1) A board of trustees or subsidiary board may borrow money and issue notes, which shall mature not more than 18 months from the...
• Section 331.1402 Corporation Or Subsidiary Corporation; Additional Powers; Prohibited Conduct.
  In addition to the powers provided elsewhere in this act, a corporation or subsidiary corporation may, subject to approval of the county board of...
• Section 331.1403 Corporation Or Subsidiary Corporation; Additional Powers; Refinancing Or Refunding Indebtedness; Redemption; Limitation; Determination Of Board Of Trustees Or Subsidiary Conclusive; Exception.
  (1) Subject to the approvals required under sections 406(1) and 412, a corporation or a subsidiary corporation may do any or all of the...
• Section 331.1404 Corporation Obligations As General Obligations Of Issuing Corporation Or Subsidiary Corporation; Corporation Obligations Neither Local Governmental Unit Nor State Debt.
  (1) Except as expressly provided by the corporation or subsidiary corporation or as otherwise provided in this act, every issue of its corporation obligations...
• Section 331.1405 Provisions Of Resolution Authorizing Issuance Of Corporation Obligations As Part Of Contract.
  A resolution authorizing issuance of corporation obligations may contain provisions, which shall be part of the contract with the holders of such corporation obligations,...
• Section 331.1406 Corporation Obligations Generally.
  (1) Corporation obligations shall be authorized by resolution adopted by a majority vote of the members serving on the board of trustees of the...
• Section 331.1407 Refunding Corporation Obligations.
  (1) To protect the rights of the holders of bonds or other obligations to be refunded, the proceeds of corporation obligations issued for refunding...
• Section 331.1408 Security Instruments To Continue In Effect Until Principal And Interest On Corporation Obligations Paid In Full; Terms Of Security Instrument; Recital.
  (1) The provisions of this act, any resolution and any mortgage, deed of trust, or other security instrument shall continue in effect until all...
• Section 331.1409 Lien Of Pledge.
  Any pledge made by a corporation or a subsidiary corporation to secure corporation obligations shall be valid and binding from the time the pledge...
• Section 331.1410 Personal Liability On Notes Or Corporation Obligations.
  Neither the trustees of a corporation or subsidiary corporation nor any person executing notes or corporation obligations under this act shall be liable personally...
• Section 331.1411 Pledge And Agreement Of State.
  The state pledges and agrees with the holders of notes and corporation obligations issued under this act, that the state will not limit or...
• Section 331.1412 Corporation Obligations; Statutory Provisions To Which Issuance Of Obligations Subject; Legality.
  (1) Except as provided in subsection (2), the corporation obligations shall not be subject to the provisions of the revised municipal finance act, 2001...
• Section 331.1413 Corporation Obligations As Negotiable Instruments Under Uniform Commercial Code.
  Whether or not notes or corporation obligations issued pursuant to this act are of such form or character as to be negotiable instruments under...
• Section 331.1414 Notes And Corporation Obligations As Investment Securities.
  The notes and corporation obligations of any corporation or subsidiary issued pursuant to this act are securities in which all public officers and bodies...
• Section 331.1415 State Covenants With Purchasers, Subsequent Holders, And Transferees Of Notes And Corporation Obligations.
  The state covenants with the purchasers and all subsequent holders and transferees of notes and corporation obligations issued pursuant to this act, in consideration...

Last modified: October 10, 2016